Sale Price Lower Than Original Asking: Gold Coast Neighborhood Update

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

 

The buyer's market we mentioned in the last report continues among Gold Coast condos. Some people get intimidated when the hear the term buyer's market. However, in this case we are looking at a market that is just barely in the category of buyer's market. Homes are taking a couple of months to sell, but they are selling at 94.2% of asking price. If you are a seller, to set yourself up for selling closer to asking price consider listing your home for the amount the comps say it should sell at and not more. With more competition among sellers this could give you an edge in finding potential buyers. The median sales price for Gold Coast condos was $298,750.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

 

 

 

 

 

 

 

 

 

Gold Coast

Housing Type: Townhome

The greatest increase in listings was in the $1-2m range. Currently the average market time among these homes is 170 days. One has been on the market for 657 days, but even looking at just the others the average market time is still 109 days. A few townhomes are under contract with an average market time of 132 days. Even though inventory is low these homes are taking a few months to sell. However, they are selling, on average, at 98.2% to the original asking price. Most sellers are asking a fair price for their home, they just have to search for the right buyer. 

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

 

Gold Coast

Housing Type: Single Family Home

 

The single family home market continues to move slower than other markets, with an average market time of 366 days among the homes that are under contract and 351 days among the homes that are still active. These homes have been selling at 90.4% of original asking price. As we saw above the townhomes are at 98.2% and we also know that homes in the South Loop are at just over 100%. Any seller who wants to sell quickly should price close to market value. Homes that sell close to original asking price tend to have shorter list times.   

 

Price Range: $1,000,000-5,000,000

Price Range: $5,000,000+

 

Start your Gold Coast home search here.

 

*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.

When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop doesn't have houses) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

Price Range: $400,000-800,000
Price Range: $400,000-800,000
Price Range: $400,000-800,000
Price Range: $400,000-800,000

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • October 07 2017 04:24PM

Comments

Very well developed post about the ongoing of the local Chicago market. Thanks for sharing!

Posted by Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900!) 8 months ago

Thanks Michelle!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) 8 months ago

Participate